1. Selection advanced to the second round
Supreme Election Board announced that the elections are in the second round. YSK Chairman Ahmet Yener stated that the candidates could not qualify to be elected in the Presidential Election, and that the second round of elections would be held on 28 May.
2. Risk premium continues to rise
The upward momentum seen in Turkey’s risk premium after the elections continues. The risk premium rose to the highest level since October 2022 at 675 basis points.
3. Debt limit warning from the US Treasury Secretary
US Treasury Secretary Janet Yellen reiterated her warning that the US could run out of cash by June 1 if the debt-limit impasse is not resolved.
4. The Central Bank canceled the loan, credit card and KMH regulation
The Central Bank canceled its regulation that limited credit growth, cash advances from credit cards, and jewelery shopping with credit cards.
5. Sharp contraction in CBRT reserves
Gross reserves of the Central Bank of the Republic of Turkey (CBRT) fell by $9 billion to $105.1 billion in the week before the election.
6th G7 Leaders’ Summit 2023 kicks off in Japan
The G7 Summit 2023, held in the city of Hiroshima in the southwestern part of the country, started under the rotating presidency of Japan.
7. Interest rate messages from Fed officials
The last speeches of the Fed members revealed that there are different opinions within the Fed on whether to increase interest rates in June or to stand still.